Brazil approves Yara's acquisition of Bunge fertilizer business

HOUSTON (ICIS)--Yara has obtained approval from authorities in Brazil for its $750m (€570m) acquisition of Bunge’s fertilizer business, the Norway-based fertilizer major said on Wednesday.

The unrestricted approval from Brazil's Administrative Council for Economic Defence (CADE) allows Yara to proceed with the acquisition, which was announced in December last year, it said. Yara expects to complete the deal in the third quarter, it added.

"This regulatory approval marks the start of an exciting new phase in Brazil for Yara," said Jorgen Ole Haslestad, CEO of Yara International.

"Brazil has significant growth prospects for both the agricultural sector in general and the fertilizer industry, and Yara intends to play a key role in the further development of Brazilian agribusiness," he added.